Effective Date:
The date on which the insurance under a policy will begin.

Eligibility Date:
The date which an individual is eligible for benefits.

Eligibility Period:
A specified period of time during which an individual member of
a particular group may enroll without evidence of insurability.

Eligibility Requirements:
This term could be defined as either: (1) conditions which an
employee must satisfy to participate in a retirement plan, or (2)
conditions which an employee must satisfy to obtain a retirement
benefit.

Eligible Dependent:
A dependent of an insured that is eligible for benefits.

Eligible Employee:
A member of a group who has met the eligibility requirements
under a group life or health insurance plan.

Elimination Period:
Two definitions: A period of time between the period of
disability and the start of disability income insurance benefits,
during which no benefits are payable.

Employee Dishonesty Coverage Form:
A commercial crime insurance form that covers the loss of
money, securities, and other covered property because of a
dishonest act of a covered employee.

Endorsements:
An additional piece of paper, not a part of the original insurance
policy, in which certain terms and conditions, when attached to
the original insurance policy, becomes a legal part of that
contract.

Endorsement:
An amendment of an insurance policy that alters the provisions
of the contract.

Enrollment Card:
A document signed by an employee as notice of their
participation in the benefits of a group health insurance plan.

Entire Contract Clause:
A provision in insurance policy stating that the life insurance
policy and attached application constitute the entire contract
between the parties.

Entity Purchase Agreement:
Specifies the terms and conditions which the business will buy
back a deceased's share of the business's ownership.

Errors and Omissions Insurance:
A liability insurance policy that provides protection against loss
incurred by a client because of some negligent act, error,
oversight, or omission by the insured.

Estate:
The assets and liabilities of a person left at death.

Estate Planning:
Developing a plan to transfer all of your property from one
generation to the next or within a generation .

Estoppel:
Legal doctrine that prevents a person from denying the truth of a
previous representation of fact, especially when such
representation has been relied on by the one to whom the
statement was made.

Errors and Omissions Insurance:
A form of insurance that indemnifies the insured for any loss
sustained because of an error or oversight on his or her part.

Evidence of Insurability:
Any statement of proof of a person's physical condition and/or
other factual information affecting his/her acceptance for
insurance.

Excess and Surplus Insurance:
(1) Insurance to cover losses above a certain amount, with
losses below that amount usually covered by a regular policy. (2)
Insurance to cover an unusual or one-time risk, e.g., damage to
a musician's hands or the multiple perils of a convention, for
which coverage is unavailable in the normal market. (See also
"Umbrella Liability" and
"Surplus Lines.")

Exclusions:
The specific conditions or circumstances listed in the policy for
which the policy will not provide benefit payments.

Exclusive Agent:
An agent who is employed by one and only one insurance
company and who solicits business exclusively for that company.

Exclusion Ratio:
Portion of an annuity payment that is not subject to income tax
when received.

Expense Ratio:
The ratio of operating expenses to premiums.

Experience Modification Factor:
Used in workers' compensation rating to reflect the degree to
which a particular employer has experience that is better or
worse than expected for that industry.

Experience Rating:
Process of determining the premium rate for a group risk, wholly
or partially, on the basis of that group's experience.

Experience Refund:
A provision in some group policies for the return of premium to
the policyholder because of lower than anticipated claims.

Extended Nonowned Coverage:
Endorsement that can be added to an automobile insurance
policy that covers the insured while driving any nonowned
automobile on a regular basis.

Extended Reporting Period:
An additional period of time after policy expiration during which
valid reported claims will be paid under a claims-made policy of
liability insurance.

Extended Term Insurance:
A form of insurance available as a nonforfeiture option. This
provides the original amount of insurance for a limited period of
time, normally 5, 10, 15, or 20 years.

Extra Expense Insurance:
Type of business income insurance that provides reimbursement
to an insured for the extra expense incurred to continue a
business operation when property had been damaged or
destroyed by a covered peril.

Important Note: This website provides only a simplified description of coverages and is not a statement of contract. Coverage may not apply in all states. For complete details of coverages, conditions, limits and losses not covered, be sure to read the policy, including all endorsements.